Sprint Nextel Corp. is dropping the Nextel part of its name as it completes a deal with Tokyo-based SoftBank Corp. that gives the Japanese company majority ownership of the third-largest U.S. wireless carrier.

The company will retain its ticker symbol “S” on the New York Stock Exchange and go by the simplified name Sprint Corp., according to a statement yesterday. SoftBank is spending $21.6 billion, including a cash infusion of $5 billion, to acquire control of the carrier.

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